Compare Tesco Current Accounts

As one of the big four supermarkets, Tesco needs no introduction when it comes to groceries and everyday bits and bobs. But it’s not just food, clothes and petrol you can now get from Tesco – they have a full range of finance products, from mortgages to ISAs and current accounts has evolved into an award winning service that you can access at a huge number of Tesco stores.

So the Tesco Current Account could be just what you’ve been looking for. But make sure you compare Tesco’s offerings with the competition, using our comparison service.

What are the benefits of a Tesco current account?

It was the winner of the Moneynet Best All Round Current Account Award in 2015 so it’d be fair to expect some great things from this account. One of the areas that Tesco prides itself in, is their transparency when it comes to charges and fees. So everything is clear and open when it comes to what you’ll be charged for.

There’s no monthly or annual fee to have this account and you won’t be charged for an arranged overdraft. You’ll pay interest on anything you go overdrawn by (currently 18.9% EAR, variable) but you won’t pay anything else. Of course if you end up in an overdraft that you haven’t agreed the overdraft then you’ll be charged both interest on the amount plus an unarranged overdraft fee.

Tesco has focussed on value for money and customer loyalty, so existing customers get five Clubcard points for every £4 spent in Tesco (you’ll get one point for every £8 spent elsewhere). If you do all your food shopping at Tesco, you’ll probably soon find that your Clubcard points rack up pretty quickly; meaning more money off your shop as well as being able to turn the points into vouchers to be used elsewhere. Plus, if your account is in credit, you’ll get 3% AER (variable) interest up to £3,000 – which might be better than some savings accounts.

Tesco’s ‘every little helps’ motto has also filtered down to its banking services as you’ll find managing your account easy with online and mobile access. Tesco also provide a UK based customer service team to help you with any queries. You’ll also be eligible for contactless payments and you can ask for a chequebook – which is provided free of charge

Am I eligible for a Tesco current account?

You’ll have to be 18 or over and have details of your current monthly income (after tax) as well as any details of existing current accounts. If you’re switching to a Tesco current account, then you’ll need your debit cards as well. They might also need to see your addresses from the last three years.

Is a Tesco current account right for me?

If you do all your shopping at Tesco and like life to be easy and straightforward, it might make sense to take out a Tesco current account. That’s simply because you’ll be rewarded for just doing normal things and you won’t need to think too much about how to get the best out of the account.

But being loyal doesn’t always pay off in the money stakes and you could find a better deal by comparing, so before you take the plunge and sign up to a Tesco current account, why not consider what else is on offer? Some banks offer better overdraft facilities, others will give you cashback when you sign up and you might simply like the convenience of having a branch that’s close to where you live – your current account should work for you and your lifestyle.

*Rewards: 2for1 cinema tickets on Tuesdays or Wednesdays at participating cinemas for 12 months from date of purchase, one membership per 12 months. Qualifying Purchases only. For new Meerkat Movies members it can take up to 48 hours to validate your details and you may not be able to activate your membership on the day of purchase. Meerkat toys available to claim on subsequent Qualifying Purchases made within 12 months of your initial purchase. Terms and conditions apply.

^ For the period 1st June to 31st August 2016, 5149 people responded to the recommend question, 4726 responded with a score of 6 or above, therefore 91.8% (or 9/10) would recommend us to a friend or family member.

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